Freshdesk raises $50 Million Series E funding from Tiger Global, Google Capital and Accel
In a market buzzing with funding news of e-commerce companies, marketplaces and other B2C ventures in India, Freshdesk is the outlier which is demonstrating the growing might of new-age B2B ventures. Freshdesk has just closed a new $50 million series E funding from Tiger Global, Google Capital & Accel Partners. This brings its total investment to US$94 million. The new round of funding will be used to accelerate its products and scale to meet the growing market demand. Founder, Girish Mathrubootham says,
This investment will help us continue to evolve our products and scale our business to meet demand from customers around the world. We are excited about the shared commitment that our investors have in Freshdesk and our vision.
Freshdesk is in a market segment which is clearly showing growth. According to Forrester Research, SAAS software spending is touted to increase to 106 billion dollars in 2016. This market is also notorious for the competition it poses for the players in their chase for customer acquisition. Zendesk which had gone for an IPO last year had mentioned Freshdesk as its top three competitor in their IPO filing. Currently, Zendesk has a market cap of 1.94 billion dollars.
Launched in 2010, Freshdesk's flagship product allows organisations to support customers through email, phone, websites, forums and social media. With powerful features, an easy to use interface and a freemium pricing model, Freshdesk is widely used by companies ranging from startups to enterprises. Freshdesk has over 40,000 customers around the world including 3M, Honda, Hugo Boss, University of Pennsylvania, The Atlantic, and Petronas.
On partnering with Freshdesk, Gene Frantz, General Partner at Google Capital says,
Freshdesk offers a compelling, modern customer experience delivered with cloud-scale cost and flexibility. We are excited to support Freshdesk with additional investment as it continues to innovate, scale and reach new heights.
Ravi Gururaj, Chairman NASSCOM Product Council says,
Freshdesk is a rocket ship company with an awesome passionate customer focused founder in Girish, a team that is relentless on execution, poised for massive growth, backed by a dream team top tier investors and most important a vociferously loyal customer base. They are well on their way to building a global software brand that will stand toe to toe with the Salesforce's of our industry.
Two years back, Girish had told YourStory that it is possible to build high value product companies out of India. He is not only living up to his words, in the process, building a compelling case for the Made in India story.